It also launches a couple of new five-year fixed rates
Hinckley & Rugby Building Society has again reduced its interest rates on various mortgage products, including its Income Flex and limited company buy-to-let mortgages.
The lender has also withdrawn its two-year fixed Flex Together joint borrower sole proprietor (JBSP) product from its offering.
In addition, Hinckley & Rugby has launched two new five-year fixed rate mortgage products. These include a 95% loan-to-value (LTV) Flex Together joint borrower sole proprietor (JBSP) mortgage and a 90% LTV Income Flex mortgage, both priced at 5.99%.
The latest changes, the mutual said, are part of the ongoing spring product refresh of their mortgage range to better meet the needs of borrowers. They follow a previous cut of up to 0.7% across the lender’s range recently.
“Affordability is a huge issue right now, and we are proud to be effectively addressing this for those first-time and first-time-again homebuyers who are struggling the most,” said Christopher Holmes, products senior manager at Hinckley & Rugby Building Society.
“For those wanting to include close family members on their mortgage to boost their borrowing power, our new five-year fixed Flex Together product offers a very competitive rate. Flexed even further with our Tailored Term tool, different applicants can share the mortgage over different timescales, removing the term limitations often faced when joint applicants have a significant age gap.
“Income Flex was already a very flexible product, offering up to x5.5 multiple with no minimum income requirement, including contractors and the self-employed, but now with a five-year fixed option at 5.99%, it is significantly more affordable.”
For Laura Sneddon (pictured), head of mortgage sales at Hinckley & Rugby Building Society, driving down rates “at this very challenging time” for all homebuyers is essential.
“At a time when landlords are also struggling to meet minimum rental requirements due to high interest rates, lowering the rates of our five-year fixed limited company products offers a real boost in terms of affordability,” she said. “We are proud to be very much leading the way on this.”
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